Mortgage rates continue to head in one direction in 2018: north.
On Thursday, Freddie Mac reported 4.40 percent with an average 0.5 point as the average for a 30-year mortgage, the highest that long-term rates have been since April 2014 and a two basis point jump since last week.
"Mortgage rates have followed U.S. Treasurys higher in anticipation of higher rates of inflation and further monetary tightening by the Federal Reserve," Freddie Mac deputy economist Len Kiefer said in a release. "Following the close of our survey, the release of the FOMC minutes for February 21, 2018 sent the 10-year Treasury above 2.9 percent. If those increases stick, we will likely see mortgage rates continue to trend higher."
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-rise-for-seventh-week-in-a-row/13598.
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